PRNewswire 9-Nov-2018 8:26 AM
SAN DIEGO, Nov. 9, 2018 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Finisar Corporation (NASDAQ:FNSR) ("Finisar") breached their fiduciary duties in connection with the proposed sale of the Company to II-VI Incorporated (NASDAQ:IIVI). Finisar provides components and subsystems to networking equipment manufacturers, data center operators, telecom service providers, consumer electronics, and automotive companies in the United States, China, Malaysia, and internationally.
On November 9, 2018, Finisar announced that it had signed a definitive merger agreement with II-VI. Under the terms of the merger agreement, Finisar's stockholders will receive, on a pro-rated basis, $15.60 per share in cash and 0.2218x shares of II-VI common stock, valued at $10.40 per share based on the closing price of II-VI's common stock of $46.88 on November 8, 2018. The transaction values Finisar at $26.00 per share. However, shareholders will be subject to the future price fluctuation of II-VI's stock price.
The investigation concerns whether the Finisar board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Finisar shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given Wall Street analysts' projections for future earnings and revenue growth.
If you are a shareholder of Finisar and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
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SOURCE Johnson Fistel, LLP
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